Core Viewpoint - Goer Micro, a provider of intelligent sensing and interaction solutions, has received approval for its IPO application on the Hong Kong Stock Exchange, highlighting its growth and market position in the sensor industry [2][32]. Group 1: Company Overview - Goer Micro was established in October 2017 and is headquartered in Qingdao, Shandong. The company specializes in sensors, SiP (System in Package), and sensing interaction modules, particularly focusing on acoustic sensors [5][10]. - In 2024, Goer Micro's revenue is projected to exceed 4.5 billion RMB, making it the largest intelligent sensing interaction solution provider in China and the fourth largest globally [5][10]. - The company has shipped over 5 billion sensors and serves 126 direct customers, including the top nine smartphone manufacturers [8][10]. Group 2: Financial Performance - Goer Micro's revenue for 2022, 2023, and 2024 was 3.12 billion RMB, 3.00 billion RMB, and 4.54 billion RMB, respectively, with net profits of 326 million RMB, 289 million RMB, and 309 million RMB [10][12]. - The company's gross margins for the years 2022 to 2024 were 18.5%, 17.2%, and 19.0%, respectively, indicating a positive trend in profitability [12]. - Revenue from sensors accounted for 81.4% of total revenue in 2022, decreasing to 69.7% in 2023, but rebounding to 78.5% in 2024 [14]. Group 3: Market Position and Clients - Goer Micro's major clients include Xiaomi, Samsung, and Goer Group, with revenue from the top five clients constituting approximately 75.5% to 80.5% of total revenue over the past few years [21][22]. - The company has maintained a long-term strategic relationship with a leading American multinational technology company, which has significantly contributed to its revenue [21][22]. Group 4: Research and Development - As of March 2025, Goer Micro employs 753 R&D personnel, with an average industry experience of over 10 years, and holds 1,825 patents, including 738 invention patents [19]. - The company plans to continue developing high-performance sensors and expand its range of solutions to maintain its competitive edge in the consumer electronics sector [39]. Group 5: Supply Chain and Costs - The primary cost of Goer Micro's intelligent sensing interaction solutions is materials, with chips accounting for approximately 40% to 48% of total costs [25]. - The company has established long-term strategic partnerships with key suppliers, ensuring the sustainability of its supply chain [31].

Core Viewpoint - Goer Microelectronics, a subsidiary of Goer Co., has submitted a second application for listing on the Hong Kong Stock Exchange after its previous application expired in January 2025 [2] Company Background - Goer Micro was established in 2004 as a business unit of Goer Co. focusing on MEMS research and development [3] - The company achieved mass production of its first acoustic sensor in 2009 and began developing sensor interaction modules [4] - In 2014, it started developing MEMS pressure sensors, achieving mass production by 2016 [5] - Goer Micro became an independent entity in 2017, focusing on SiP development, with mass production starting in 2021 [6] Financial Performance - In Q1 2024 and Q1 2025, Goer Micro reported revenues of 4.536 billion and 1.120 billion RMB, respectively, which are approximately 4.49% and 6.87% of Goer Co.'s revenues during the same periods [6] - Goer Co. contributed 346 million and 57.4 million RMB to Goer Micro's revenues in Q1 2024 and Q1 2025, representing 7.6% and 5.1% of Goer Micro's total revenue [6] Business Operations - Goer Micro provides comprehensive smart sensing interaction solutions, including sensors, SiP, and sensing interaction modules [8] - The company has internal design capabilities for MEMS and ASIC chips and outsources wafer manufacturing to third-party manufacturers [10][15] - Goer Micro's production capacity is approximately 2.4 billion units annually, with an 88.8% utilization rate as of March 2025 [14] Market Position - In 2024, Goer Micro ranked fifth globally in the smart sensing interaction solutions market with a market share of 2.2% [13] - The company ranked first in the acoustic sensor revenue segment with a market share of 43.0% [13] Growth Potential - The demand for Goer Micro's sensors and related solutions is expected to grow due to advancements in smart electronics, smart homes, smart cars, and AI [14] - The company aims to expand its business scope and market share through its upcoming IPO and strategic investments [12] Profitability - Goer Micro's gross margins for 2024 and Q1 2025 were 18.98% and 20.58%, respectively, indicating higher profitability compared to Goer Co.'s margins of 11.09% and 12.41% during the same periods [17]